Often we come across terminologies like brand value, brand strategy, digital marketing, market trends, market space, etc..Though these terms sound complicated they converge into a rather simpler phrase – ensuring customers know who you are, what you are & how can you help them; Designing strategies to convey or communicate your brand message to your audience is the essence of all the hard work we put in advertising, public relations or management. Creating an approach that drives your users to adapt to your brand is the primary task.
While there are numerous ways to meet your goals, what doesn’t change is planning. Irrespective of what medium, the target audience, the product or service; marketing needs lots of effort & the best way to do it at ease is by developing a concrete plan.
How do we start? The answer is easy. All we need to do is write a checklist and build a roadmap considering all the inputs, goals, and timelines.
- Start with understanding the overview of your business’s marketing and advertising goals.
- Who is your target audience? – A definite target audience who would best suit to sell your product/service is half work done for your campaign.
- How would your product/service benefit your customers? – Why would customers prefer you? Why would they do the word of mouth advertising for your brand?
- While you market your product/service, what are you trying to achieve through the campaign? Is there a message? Are you trying to solve a need? Is there a humour element? Etc.
- Customer & Prospect perception. – Do your customers or potential prospects already hold an opinion or review of your company? What are their thoughts on the way your brand is depicted?
- Describe your business’s current marketing position, the place it holds in the market. There has to be a starting point in order to begin your campaign, hence learn your current market position even before you decide to plan.
- Like we earlier specified designing a roadmap plays a vital role in managing a marketing campaign; setting deadlines to complete tasks within the strategy shall prove beneficial in obtaining hassle-free results.
- Track, track & track. Do not by any chance forget to keep a track of the campaign performance. These reports are useful in organizing future campaigns and to create efficient research methodologies to learn customer feedbacks & opinions.
What are the steps to create a market plan???
- Start with writing a simple executive summary. An Executive summary is a short document presented for various business purposes. A longer proposal or a report that helps its readers understand the business swiftly.
- When a marketing strategy is designed, ensure that the goals are as specific as they can be and most importantly avoid indistinctive & indefinite goals such as ‘write more blogs’, ‘increase followers’, ‘get more leads’ etc. Specifying the timeline or specific numbers extracts better results.
- List out certain factors that could possibly affect your campaign like the location, Income of your target audience, latest trends, age of your users, their day-to-day activities, interests/hobbies, etc.
- Conduct your market research by conducting personal interviews, focus groups, online surveys, competitor research, or interviewing your brand users.
- While we talk about competitor research, we are talking about their sales strategies, their marketing squad, social media strategies, growth rate & their customer base. An insight into your competitors can help your team to develop better strategies.
Once the market plan is developed successfully action can be taken accordingly. A product/service’s fate can be decided through the results of a marketing campaign. Right timing, proper location, customer’s need, sufficient investment, accurate target audience, learning latest trends are the most crucial elements of a market plan.
While strategies could differ, the implementation may change, the base of a market plan remains the same.
Hope you found this article insightful. You could always reach us and we at enWEgor will be more than happy to help. Good Luck.